GST collections for September at Rs 1.17 lakh crore

GST collections for September at Rs 1.17 lakh crore

September’s goods and services tax collections totalled Rs 1.17 lakh crore, marking the third consecutive month of revenue in excess of Rs 1 lakh crore since June.

The GST revenues for September 2021 are 23% higher than the GST revenues for the same month last year.

The average monthly gross GST collection for the second quarter of the current fiscal year was Rs 1.15 lakh crore, a 5% increase over the first quarter’s average monthly collection of Rs 1.10 lakh crore.

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“This clearly indicates that the economy is rapidly recovering… The positive revenue trend is expected to continue, with higher revenues in the second half of the year “According to a statement issued by the finance ministry on Friday.

Along with economic growth, anti-evasion activities, particularly action against fake billers, have contributed to increased GST collections, according to the ministry.

Revenues from imports of goods were 30% higher during the month, and revenues from domestic transactions (including imports of services) were 20% higher than during the same month last year.

The revenue for September 2020 increased by 4% over the revenue for September 2019 of Rs 91,916 crore.

Income Tax Return: Why you shouldn’t wait for the extended due date to file ITR 

Central GST accounts for Rs 20,578 crore, state GST accounts for Rs 26,767 crore, integrated GST accounts for Rs 60,911 crore (including Rs 29,555 crore collected on import of goods), and cess accounts for Rs 8,754 crore (including Rs 623 crore collected on import of goods).

The Centre had also released Rs 22,000 crore in GST compensation to states to help them close the GST revenue gap.

Latest Certicom Updates

Certicom Updates

1. Income Tax: Infosys recognizes the ongoing challenges faced by some users and has engaged with more than 1,200 taxpayers directly to better understand their concerns. The company is focused on rapidly resolving these challenges while working closely with the Chartered Accountant community.

2. ITAT Mumbai has held that minimizing tax liabilities through lawful means is not illegal. The Assessing Officer cannot disregard a transaction just because it results in a tax advantage to the assessee. In the matter of Michael E Desa. Minimizations of the tax liability, as long as it is through legitimate tax planning and without using colourable devices, is not illegal at all,

3. CBDT releases ITR 6 Schema Changes for AY 2021-22

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4. CBIC has asked field offices to draw up an action plan so that no case of GST evasion is pending investigation beyond one year. In instruction to field formations, the CBIC has also asked GST officers to speed up investigation and issue show-cause notices in evasion cases, so that enough time is left with adjudicating authority to pass orders.

5. FSSAI: Wef 1.10.21, mentioning of FSSAI Registration no. on bills, cash memos etc. is mandatory in the case of food businesses.

6. ICAI Members who are entitled to vote at a Polling Booth in India but have gone abroad before 31st August 2021 and are unable to return to India may now exercise their vote (to be held on 3rd & 4th December 2021) by applying for Postal Voting Facility.

One Person Company Annual Filing- Due Dates!

E-Form AOC-4: Within 180 Days of the close of Financial Year. [Reference: Section 137(1) of Companies Act, 2013]

  • Eg. F.Y. 2020-21: The due date for Form AOC-4 shall be 27th September 2021. If we count 180 days from 1st April 2021.

Are you a freelancer? Key points to know about GST payment

E-Form MGT-7: Within 60 days from the date of AGM. [Reference: Section 92(4) of Companies Act, 2013]

  • Eg.: F.Y. 2020-21, If AGM is on 30/09/2021 then the due date of Form MGT-7 would be 28th November 2021. As we know, OPC does not require to hold AGM, yet the due date for filing shall be 60 days from the completion of 6 months from the end of the Financial Year, which means the due date shall be 28th November 2021.

Certicom Realtime Updates

CERTICOM REALTIME UPDATES

1. GST:

The government has clarified that services outsourced to India or carried out in the country for foreign entities will not be treated as intermediary services, and hence not face 18% goods and services tax (GST). This was approved by the GST Council on Friday.

2 . GST:

Wef 1.1.21, relevant FY for the claim of ITC u/s 16(4) shall be as per date of Debit note (& not of underlying invoice). Circular 160/16/2021-GST of 20.9.21.

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3. GST council:

It was decided as a measure of trade facilitation that the unutilized balance in CGST and IGST cash ledger may be allowed to be transferred between distinct persons (entities having the same PAN but registered in different states), without going through the refund procedure, subject to certain safeguards.

The Finance Ministry will begin the budgetary process on October 12th.

4. SEBI

Sebi on September 20, 2021, said that its skin-in-the-game rules can be applied in a phased manner for the junior employees of the mutual fund. For now, ten per cent of the compensation of such employees will be invested in the mutual fund units of the fund house. From October 1, 2022, this will be increased to 15 per cent and from October 1, 2023, it will be brought up to 20 per cent.

5. Government

Is going to Institutionalize a 24 hours “Helpline” for assistance to exporters and resolution of issues “said Shri Piyush Goyal at the launch of nationwide celebrations of the iconic week for Amrit Mahotsav for Commerce & Industry Ministry.

6. IEC:

All IECs which have not been updated after 01.01.2005 shall be deactivated with effect from 06.10.2021.